2,300 Escada Employees Affected by Bankruptcy Filing

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As promised, Escada filed for insolvency in Germany today, after a sufficient number of shareholders failed to support a debt-restructuring plan this week. (In Germany, insolvency is the closest thing to Chapter 11 bankruptcy.) The filing will affect 2,300 employees. Shares of Escada have already lost over 70 percent of their value in the last three days. At least the economy is supposedly looking up. [WWD]